Financially should this car be restored...???
04-01-2012, 08:02 PM
#23
Burning Brakes
What is working against this car is the fact that it is an Indy Pace Car. The paint and body repair are 80% of the cost. I've done the interior and all the rubber on mine for $2k. A good investment. Now if you are keeping this car for yourself, then I would say offer $6k, and then take your time and, as my wife says, "dither the money in so that it's not perceptible". It ultimately would make a nice car to have. Of course I've done this to 8 cars so far in my last 15 years of restoration. I now have my 82 and it's a final keeper!
As others have noted, you could ring up a $14,000 bill on repairs and restoration for this car without breathing hard, and wind up with a car worth $12,000 at the top end. There are many more good useable cars from that era available that you could get in and drive right now, for not much more than you'd pay for the purchase-price of this one.
04-02-2012, 05:45 PM
#24
Safety Car
So a friend of mine has a 78 Pac(e car that he wants to sell. He is a great guy and I'd like to buy it from him but I can't make a bad financial decision. It is an actual replica based on the VIN.
The good:
L-48 Engine seems to run strong and has a rebuilt carburator. Feels more powerful then 180 HP
Has 81k miles but in its condition it could have 181k.
Remanufactured AC Unit
Original Engine, Carburator (rebuilt), and transmission.
Brake calipers have been replaced (good and bad I guess)
New power steering pump, new belts, new hoses.
Shocks are definitely not original.
Original T-Tops
Not much rust underneath...car might have been in Southwest entire life.
Brand new tires.
Headlights work but right side opens much faster then left side.
The bad:
Several cracks in fiberglass over front wheels, nose, small other areas.
Original paint is in bad shape and doesn't appear to be fixable.
Rubber is rotten everywhere, leather has holes in it.
Power antenna doesn't work, interior light and engine light do not work.
The power steering cylinder leaks almost as fast as you can pour fluid into the car.
Car was backed into something which put a crack/hole in the fin that would need to be fixed.
So, how much is the value of this car in the current condition? What would I have to put into it to make it a desirable car for the average corvette enthusiast. If I have to put more into the car then it will be worth in the end then that doesn't work for me right now.
The good:
L-48 Engine seems to run strong and has a rebuilt carburator. Feels more powerful then 180 HP
Has 81k miles but in its condition it could have 181k.
Remanufactured AC Unit
Original Engine, Carburator (rebuilt), and transmission.
Brake calipers have been replaced (good and bad I guess)
New power steering pump, new belts, new hoses.
Shocks are definitely not original.
Original T-Tops
Not much rust underneath...car might have been in Southwest entire life.
Brand new tires.
Headlights work but right side opens much faster then left side.
The bad:
Several cracks in fiberglass over front wheels, nose, small other areas.
Original paint is in bad shape and doesn't appear to be fixable.
Rubber is rotten everywhere, leather has holes in it.
Power antenna doesn't work, interior light and engine light do not work.
The power steering cylinder leaks almost as fast as you can pour fluid into the car.
Car was backed into something which put a crack/hole in the fin that would need to be fixed.
So, how much is the value of this car in the current condition? What would I have to put into it to make it a desirable car for the average corvette enthusiast. If I have to put more into the car then it will be worth in the end then that doesn't work for me right now.
Last edited by srs244; 04-02-2012 at 05:47 PM.
04-02-2012, 08:39 PM
#25
Melting Slicks
It is an actual replica based on the VIN.
I would look around a bit. You can probably get a car that needs only a little work for $10k. In the end you would have a LOT less $$ in the car. I bought mine for $4,500 several years ago. When I got digging around, it needed a lot more than I thought. I've been slowly restoring it over the years. Last year I bought a different car because I wanted something that I could drive. This one didn't need any work and it feels great. But, I wish I'd have bought my vette mostly done.
04-09-2012, 11:51 AM
#26
5th Gear
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Thanks everyone. I keep watching craigslist for a good deal. The one I was looking at was a real replica Pace care number 905XXX. I have seen some great C3s that have been completely restored/modified and need next to nothing in the $10k-14K range. Just waiting for the right one. I just have to wait for the right one to come along. Of course if anyone is selling one for a great price in the Phoenix area then shoot me an email
04-09-2012, 05:23 PM
#28
Race Director
I pretty much agree. Couldn't imagine sinking that much coin into a car when I could've bought a new home instead. Gotta have a place to live. Give the 'vette thing a rest for a little bit and wait for the right car to come along at the right time.
FWIW, if its got 80k or 180k and the rear end hasn't been rebuilt, the car will most likely need that job done as well. And while that job isn't all that expensive, it doesn't make sense to do it without doing t/a's, bushings, etc etc. It gets expensive.
My last project started out as a simple brake job and wound up costing a little over $3,800 before said & done. And, after finished, I still have a high production model ('79; low value) with crappy paint and a poor interior.
FWIW, if its got 80k or 180k and the rear end hasn't been rebuilt, the car will most likely need that job done as well. And while that job isn't all that expensive, it doesn't make sense to do it without doing t/a's, bushings, etc etc. It gets expensive.
My last project started out as a simple brake job and wound up costing a little over $3,800 before said & done. And, after finished, I still have a high production model ('79; low value) with crappy paint and a poor interior.
04-09-2012, 06:33 PM
#29
CFOT Attention Whore
Pass. If you're just looking to get into a Corvette for cheap that you can slowly work on and drive, I know of an '81 right now for around $3500. It's in about the same condition as you described the '78.
Now having said that, about this pace car, if you're wanting to "flip" it, definitely pass. If you're looking for a project that you can buy and drive while you slowly restore it, and then maybe sell it 10-15 years down the road, then $7k is still a little high but not all that bad.
Now having said that, about this pace car, if you're wanting to "flip" it, definitely pass. If you're looking for a project that you can buy and drive while you slowly restore it, and then maybe sell it 10-15 years down the road, then $7k is still a little high but not all that bad.
